(1) The Chairman shall, at a special meeting to be held in the month of February in each year, lay before the Board, a budget of the Board for the next year.
(2) Every such budget shall be prepared in such form as May be prescribed and shall make provision for—
(i) the housing schemes which the Board proposes to execute whether in part or in whole during the next year,
(ii) the due fulfilment of all the liabilities of the Board, and
(iii) the effieient administration of this Act, and shall contain a statement showing the estimated receipts and expenditure on capital and revenue accounts for the next year, and such other particulars as may be prescribed.
20. The Board shall consider the budget laid before it and sanction it with or without modifications.